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Hedge fund performance was slightly negative last week (19-26 March) on the back of underperformance from L/S Equity and Global Macro strategies (circa -0.5 per cent), but most strategies are still in positive territory month to date, according to the latest Weekly Brief from Lyxor’s Cross Asset Research team.
Discretionary Global Macro strategies recorded the worst performance (-0.7 per cent) in a context where bond yields fell significantly in the US and in Europe following the March 20th FOMC meeting. The Fed surprised market participants by announcing the end of the balance sheet runoff as soon as September 2019. Equity
Following consultation feedback, the Financial Conduct Authority (FCA) has confirmed all firms acting in or from the UK are prohibited from selling, marketing or distributing binary options to retail consumers.
The new rules tackle widespread concerns about the inherent risks of these products, and the poor conduct of the firms selling them. This has led to consumer harm in the UK and internationally through large and unexpected trading losses.
The FCA’s rules are in substance the same as the European Securities and Markets Authority’s (ESMA) existing, EU-wide temporary restrictions on binary options. However, the FCA is also applying its rules
International investment business Fidante Partners has appointed PeterPaul Pardi as Head of Fidante Partners EMEA and North America.
With nearly 30 years’ experience in the financial services industry, Pardi is a highly regarded leader of asset management businesses with a particular interest in alternatives and a deep understanding of multi-boutique business models. Most recently acting in a strategic advisory capacity for a family office, PeterPaul was for four years Global Head of Distribution at BNY Mellon. He previously worked for a global private equity firm, Arcapita, where he was Global Head Institutional Fund Distribution. Prior to this, PeterPaul held senior
As the first quarter of 2019 comes to an end, the latest Lyxor Hedge Fund Brief assesses recent hedge fund performance and the firm’s midterm outlook for hedge fund strategies.
Lyxor writes: “The recent turnaround in the global monetary stance, led by the Fed and more recently by the ECB, has further fueled the fixed income and credit market rally. 10-year bond yields in Germany are back to levels last seen in 2016, when deflation was a serious threat to economic activity. Meanwhile, High Yield credit spreads in Euro and U.S. Dollar tightened significantly in Q1, to levels close to
Bermuda has a long history of commitment to upholding compliance with international best practices, while understanding and recognising the need for continuous improvement and management of the various stakeholders of the jurisdiction.
Bermuda has prudently taken strides to adapt, augment and reinforce its solid regulatory and legal environment with continuous sensible oversight that continues to position the jurisdiction as a leader among its peers. Insurers, investors, service providers and other business interests continue to react favourably to the thoughtful, yet purposeful way that the island has moved forward with more recent innovations such as fintech.
“Bermuda is consistently at the
Commitments to Private Equity (PE) are breaking records, as investors seek better returns. At a time when the global hedge funds industry has seen record recent net outflows, some of hedge funds managers, who are riding this new wave, are choosing to launch hybrid PE-style funds, to tap into investor demand.
However, the ones who go down this path should be mindful of numerous operational traits, when morphing from an open-ended to a closed-ended fund structure.
Scott Burns (pictured), Senior Vice President of Horseshoe Group, a leading fund administrator specialised in alternative Investments comments: “We provide fund administration solutions to
By Matthew Ebbs Brewer, Sally Penrose & Alexis Haynes, Appleby Global – As interest continues to be shown to the growing digital asset industry, attention is being given to the concept of tokenising investments in mutual funds. In 2018, Bermuda implemented a specific legislative regime to regulate activities involving digital assets and has well-established investment funds legislation. This article considers how these two frameworks can work together so that those looking to launch regulated fund products involving digital assets are able to do so from Bermuda.
Initial Coin Offerings (ICOs)
ICOs made from Bermuda are regulated under the Companies Act
On 17 December 2018, Bermuda formally introduced the Economic Substance Act 2018, the measures therein becoming applicable with effect from 1st January, 2019. Its genesis resulted from Bermuda being placed on the EU’s grey list of jurisdictions due to concerns over fair taxation (and other factors), and which led to the Code of Conduct Group (‘COCG’) declaring Bermuda a ‘Criterion 2.2’ jurisdiction, along with other jurisdictions including the Cayman Islands, British Virgin Islands, Jersey, Guernsey and the Isle of Man.
To demonstrate its commitment to tax transparency, Bermuda’s government addressed the concerns raised by the COCG and moved swiftly to introduce
Q&A with Greg Wojciechowski – President and Chief Executive Officer, Bermuda Stock Exchange…
How would you summarise 2018 from a business growth perspective for BSX?
In general, 2018 was a solid year which saw the Exchange solidify its position as the global stock exchange of choice for the listing of Insurance Linked Securities.
For six years in a row, the BSX has maintained leading market share of the global ILS market. In addition to the number of listed securities growing, we also saw the jurisdiction of domicile of the vehicles expand. For example, ILS deals originating out of Europe and the
The global hedge fund industry continued its recovery in February, gaining 0.97 per cent on an equal-weighted basis, and 0.40 per cent on an asset-weighted basis.
Roughly 75.5 per cent of the hedge fund managers tracked by Eurekahedge recorded positive returns over the first two months of the year.
Hedge fund closure activities soared during the final quarter of 2018, as fund managers struggled to mitigate the losses incurred by the equity market sell-offs in October and December. Eurekahedge recorded 296 fund liquidations within the period.
